Payday loan companies do not treat their customers fairly. Despite the payday loan industry promising to clean up its behaviour, our evidence shows that payday lenders have cracked their promises [ 43 kb]. We have been calling for payday lenders to be decently regulated and for them to stop irresponsible advertising.
“The lender uses an automated phone system to call you when you are in arrears. Despite having emailed several times to say I had been made redundant and was having various medical examinations I received these calls every day which made me feel very boxed in and stressed.
My emails were disregarded and my phone calls – which I made several of – were not followed up or recorded on my account so each time I got a fresh email I had to call and explain my situation all over again.” Caroline, 27, Liverpool
Every year we help thousands of people just like Caroline who have had problems with their payday loans.
From 1 April 2014, the Financial Conduct Authority (FCA) is going to impose harsh fresh rules on payday lenders including limitations on the use of continuous payment authority and rollovers, more stringent affordability checks and a health warning on adverts.
The fantastic efforts from our network of bureaux and supporters over the past two years have secured this amazing success. Deeds like contacting your MPs and councillors, raising awareness locally and promoting our survey and film all contributed. We now need to proceed this fine work to ensure these fresh rules are enforced.
To help us learn from this success, we’ve put together a summary [ 100 kb] of everything the campaign achieved along with lessons learned [ 88 kb].
We are still calling for payday lenders to stop using irresponsible advertising practices so don’t leave behind to get mad about the ad.
Are you mad about an ad?
If you see an advert for a payday loan that you think is irresponsible or misleading, take activity to get it taken down.
- Share your ad using #paydaywatch on Twitter OR our Facebook page.
- Make a complaint to the Advertising Standards Authority.
- Tell your friends and colleagues what they can do to support our campaign.
The rules about the advertising of payday loans are fairly complicated so we’ve made a handy guide of top tips [ 150 kb] to help you out.
Share your story
If you have a story like Caroline’s you can share it on our Facebook page or on Twitter using #paydaywatch